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Twenty-five-year commodity market veteran Jim Prince is an expert in the principles of technical trading. Each day Jim reviews the biggest moves in the commodity markets, identifying formations and planking trading strategies. And now, in his free Daily Alert, Jim will share with you his hot pick of the day with an exclusive 3-5 minute video.
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Soybean futures closed 6 to 19 cents lower.The debate continues whether current dry conditions are hurting the crop in the WCB. Cool temps are mitigating moisture stress from what it might otherwise be. Trade ideas for the Thursday morning USDA Weekly Export Sales report are in the 900,000 MT to 1.2 MMT range. Sources expect positive old crop sales, i.e. larger bookings than cancellations or deferrals.Some sources are expecting new crop soybean meal bookings as large as 500-650,000 MT.
Aug 14 Soybeans closed at $12.20 1/2, down 6 cents,
Sep 14 Soybeans closed at $11.02 1/4, down 19 1/4 cents,
Nov 14 Soybeans closed at $10.81 1/4, down 13 3/4 cents,
Jan 15 Soybeans closed at $10.89, down 13 1/4 cents,
Aug 14 Soybean Meal closed at $387.60, down $7.80,